ZEC(Zcash)fall 7.87% in 24 hours

Gate News Bot News, October 16, according to CoinMarketCap data, as of the time of writing, ZEC(Zcash) is currently priced at $242.86, a fall of 7.87% in the last 24 hours, with a high of $297.01 and a low of $159.01. The 24-hour volume reached $743 million. The current market capitalization is approximately $3.95 billion, a decrease of $337 million compared to yesterday.

Zcash is a privacy-focused digital currency. It uses end-to-end encryption technology to protect users' privacy rights. Zcash is faster than Bitcoin, and transaction fees are usually only a fraction of a cent. Zcash is a decentralized protocol, which means your funds are completely under your control, rather than being controlled by a bank.

Important news about ZEC recently:

1️⃣ Grayscale opens Zcash trust private placement

Grayscale Investments announced that its Grayscale Zcash Trust is now open for private placement to qualified accredited investors. This move significantly increased institutional investors' interest in Zcash, bringing new investment demand for ZEC and becoming an important factor driving ZEC price fluctuations.

2️⃣ Potential growth in demand for privacy coins

Global anti-money laundering regulations are becoming increasingly stringent, and some investors are starting to bet that illegal and gray area funds may shift from Bitcoin and stablecoins to privacy coins. As one of the major privacy coins, Zcash has become a potential beneficiary of this influx of funds, driving fluctuations in its market performance.

3️⃣ Large Leverage Trading Activities

A crypto whale opened a $4 million ZEC long position with 5x leverage on the HyperLiquid platform. This large trading activity has drawn more attention to ZEC in the market and stimulated its price fluctuations, potentially being one of the reasons for the recent significant volatility in ZEC prices.

From a technical perspective, the ZEC price has experienced a pullback after a significant rise and may face short-term adjustment pressure. On the fundamental side, the Zcash team continues to improve its privacy technology, but the uncertainty of the regulatory environment remains a key risk factor that investors need to closely monitor regarding relevant policy trends.

This message is not intended as investment advice. Investors should be aware of market volatility risks.